My bank is charging GST on foreign inward remittances, but these charges are not showing up under my GST number. Is this normal? Since I have a current account and already gave the bank my GST number, shouldn't they be issuing me a proper tax invoice?
GST on inward remittances raises a compliance question over bank charges, GST registration linkage, and proper tax invoicing. GST is being charged by a bank on foreign inward remittances and related conversion fees, raising a compliance question as to whether the charges should appear under the customer's GST registration and be supported by a proper tax invoice. The issue is the tax treatment and invoicing aspect of bank-imposed charges on inward remittance transactions. (AI Summary)